Business
Lagos State Government Builds Multi-million naira Lekki Estate Ferry Terminal
Lagos State Governor, Mr. Babajide Sanwoolu is living up to his campaign promises to make the state more convenient to live for resident as well and one of the most beautiful states in Africa.
The governor since he got elected in 2019 hit the ground running improving the State’s socio-economic development, as well as security of lives and property, carefully fulfilling the six pillars of the T.H.E.M.E.S development agenda.
“The acronym, T.H.E.M.E.S, represents the six pillars of the State’s strategic development agenda, namely: Traffic Management and Transportation, Health and Environment, Education and Technology, Making Lagos a 21st Century Economy, Entertainment and Tourism, as well as Security and Governance”.
The administration has again scored more points with construction of Lekki Estate Ferry Terminal in Lekki Phase 1, Lagos.
The construction of the project that is expected to commence in September, 2022 and complete under 12 months plans to support Lagos state on its mission to develop a multi-modal transport infrastructure through the delivery of a safe, efficient and affordable means of alternative transport on the inland waterways for the people and business of the state.
It is part of government effort to solve the transportation challenges in the state through the development of an efficient integrated multi-modal transportation system by encouraging private investment in the sector. The project is in conjunction with Lekki Estate Ferry Terminal Limited and Plaform Capital who is investing millions of dollars for the project.
The infrastructure component of the project includes Shopping malls, car parks that would accommodate over 200 cars, floating restaurants and lounge, health safety and environmental services
The project is also aims to develop a ferry terminal along Admiralty way water front in Lekki Phase 1 belonging to Lagos state Ministry of Transportation, procure state of the art passenger ferries and operate water transportation services for the citizens residing in Lekki, Ajah, Igbo Efon, Ikota, Awoyaya, Lakowe, Sangotedo and its environs.
It is also intended to complement the efforts of state government in addressing the critical infrastructure shortage and bringing the dividend of democracy to the people through collaboration under a Private Partnership (PPP) with Lekki Ferry Estate.
Lekki Estate Ferry incorporated as an SPV to build, manage and operate maritime passenger and freight services. The company will offer transport services through its fleet of ferries with routes that include Lekki to Marina, Lekki to Ikorodu, among others.
What happens after investment reaches an African business?
Beyond the financing
figures and commitments, how does capital translate into business growth, innovation, jobs
and economic opportunity?
These questions took centre stage as the European Investment Bank (EIB) showcased the
achievements of Boost Africa at the Nigeria–EU Global Gateway Investment Partnership
Lab, held on the sidelines of the 32nd Nigerian Economic Summit in Abuja.
The event, convened by Nigeria’s Federal Ministry of Budget and Economic Planning in collaboration with the EIB’s Boost Africa team, brought together government officials,
European development institutions, investors and private-sector leaders to explore how
strategic partnerships and innovative financing can accelerate Nigeria’s economic
development.
In his remarks, Senator Abubakar Atiku Bagudu, Nigeria’s Minister of Budget and
Economic Planning, emphasised the importance of mobilising private investment to
support Nigeria’s economic transformation.
H.E. Gautier Mignot, European Union Ambassador to Nigeria and ECOWAS, highlighted
the importance of translating investment partnerships into concrete opportunities, including
stronger support for Nigeria’s entrepreneurial ecosystem.
Bringing the Boost Africa story to life
A major highlight of the event was the session “Boost Africa: From Capital to Impact,”
which brought together representatives of development finance institutions, venture capital
funds and Nigerian businesses to examine what investment has made possible.
The session opened with a short video introducing Boost Africa and its contribution to
supporting innovative African enterprises.
Moussa Nakoulima, EIB Regional Head for West and Central Africa, provided an
overview of the initiative, highlighting its achievements and the role of development finance
in mobilising investment for African entrepreneurs.
Launched as a joint initiative of the EIB and the African Development Bank, with support
from the European Union, Boost Africa combines investment through venture capital funds
with technical assistance to strengthen Africa’s entrepreneurial ecosystem.
The initiative has attracted more than €100 million in EIB investment commitments to
venture capital funds, supporting enterprise development across sectors including
technology, financial services, agribusiness and renewable energy.
From investment funds to growing businesses
Moving from the institutional perspective to the investment ecosystem, Daisy Leich,
Director of Strategy at TLcom, shared insights into the role of venture capital in supporting
African businesses.
Her contribution highlighted why financing alone is not enough. For growing enterprises,
access to strategic guidance, expertise and networks can be just as important as access to
capital. The discussion then turned to two Nigerian businesses whose experiences illustrated the
opportunities that investment can help unlock.
Michael Babalola, Director of Operations at Beacon Power Services, shared the
company’s experience of developing technology-driven solutions for the energy sector,
demonstrating how innovation can help address operational challenges in electricity distribution.
Representing ChipMango, Hamilton discussed the company’s work in developing Nigeria’s
semiconductor engineering capabilities and creating opportunities for local talent to
participate in the global technology industry.
Together, these perspectives illustrated the journey from development finance to venture
capital investment and, ultimately, to businesses delivering practical solutions.
They also reinforced an important distinction: Boost Africa supports enterprises through its
investments in venture capital funds, helping create the conditions for innovative businesses
to access financing and grow.
Looking ahead: Building on Boost Africa’s experience
Beyond reflecting on achievements, the session also provided an opportunity to discuss the
future of financing for African innovation.
Participants were introduced to Boost Ventures, a successor initiative intended to build on
Boost Africa’s experience and expand financing opportunities for innovative African
businesses.
Backed by a €129 million European Commission guarantee, the initiative represents a
further commitment to strengthening Africa’s venture capital ecosystem and supporting the
next generation of entrepreneurs.
For Nigeria, where innovative businesses continue to develop solutions across critical
sectors, sustained access to investment, expertise and strategic partnerships will remain
essential.
Investment as a catalyst for lasting impact
The Boost Africa session reinforced a central message of the Nigeria–EU investment
partnership: development finance can play a catalytic role in mobilising private investment
and helping businesses realise their potential.
By bringing together the institutions providing finance, the funds investing in enterprises and
the businesses translating investment into solutions, the discussion offered a practical
picture of how development partnerships can contribute to economic growth. The story of Boost Africa is ultimately not only about how much capital has been
invested, but about what that investment has made possible: stronger businesses,
new capabilities, innovative solutions and opportunities for Africa’s future.
Learn more at
https://www.eib.org/en/products/mandates-partnerships/boost-africa/index
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